Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Trucks 2. Mortgages payable (due in 6 years) 3. Automobiles 4. Notes payable (due in 3 years) 5. Utilities expense 5. Services revenue . Notes receivable (due in 2 years) 3. Interest payable (due in 1 week) - Long-term investment in stock D. Wages payable Classification Account Title 11. Office supplies 12. Salaries payable 13. Merchandise inventory 14. Supplies 15Rental revenue 16. Unearned revenue 17. Accounts receivable 18. Accounts payable 19. Short-term investments 20. Taxes payable (Due in 5 weeks) Classification
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Trucks 2. Mortgages payable (due in 6 years) 3. Automobiles 4. Notes payable (due in 3 years) 5. Utilities expense 5. Services revenue . Notes receivable (due in 2 years) 3. Interest payable (due in 1 week) - Long-term investment in stock D. Wages payable Classification Account Title 11. Office supplies 12. Salaries payable 13. Merchandise inventory 14. Supplies 15Rental revenue 16. Unearned revenue 17. Accounts receivable 18. Accounts payable 19. Short-term investments 20. Taxes payable (Due in 5 weeks) Classification
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item
typically would best appear. If an item does not appear on the balance, indicate that instead.
Account Title
1. Trucks
2. Mortgages payable (due in 6 years)
3. Automobiles
4. Notes payable (due in 3 years)
5. Utilities expense
6. Services revenue
7. Notes receivable (due in 2 years)
8. Interest payable (due in 1 week)
9. Long-term investment in stock
10. Wages payable
Classification
Account Title
11. Office supplies
12. Salaries payable
13. Merchandise inventory
14. Supplies
15Rental revenue
16. Unearned revenue
17. Accounts receivable
18. Accounts payable
19. Short-term investments
20. Taxes payable (Due in 5 weeks)
Classification](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F217676ce-6c41-464d-8a32-8b0795f563e2%2Fb7485a1e-4912-4b04-b160-4c54ec5373f8%2F9pp0ftc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets,
Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item
typically would best appear. If an item does not appear on the balance, indicate that instead.
Account Title
1. Trucks
2. Mortgages payable (due in 6 years)
3. Automobiles
4. Notes payable (due in 3 years)
5. Utilities expense
6. Services revenue
7. Notes receivable (due in 2 years)
8. Interest payable (due in 1 week)
9. Long-term investment in stock
10. Wages payable
Classification
Account Title
11. Office supplies
12. Salaries payable
13. Merchandise inventory
14. Supplies
15Rental revenue
16. Unearned revenue
17. Accounts receivable
18. Accounts payable
19. Short-term investments
20. Taxes payable (Due in 5 weeks)
Classification
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